US initial jobless claims drop more than expected last week

The labor department data released today in the US showed the first time jobless applications fell more than expected last week, indicating the labor market continues to strengthen despite headwinds.

The initial jobless claims rose 267K in the week ended Apr 2, compared to the estimated drop to 270K from the previous week’s 276K. The four-week moving average, a less volatile measure than the weekly claims numbers, increased to 266,750 last week from 263,250.

Initial jobless claims have stayed below 300K mark for 57 consecutive weeks now. Meanwhile, rose by 19,000 to 2.19 million in the week ended March 26.